Exhibit 99.2

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement

September 30, 2020

A.			Financial Highlights
			Condensed Consolidated Balance Sheets			1
			Consolidated Statements of Operations			2
			Quarterly Summary - Most Recent 5 Quarters			3
			Non-GAAP Financial Measures
			Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders			5
			Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders			6
			Quarterly Summary - Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders			7
			Quarterly Summary - Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders			8
			Capitalization/Book Value per Common Share			9
			Spread Results			10
B.			Product Summary
			Summary of Cost of Money for Deferred Annuities			10
			Annuity Account Balance Rollforward			10
			Annuity Deposits by Product Type			11
			Surrender Charge Protection and Account Values by Product Type			11
			Annuity Liability Characteristics			12
C.			Investment Summary
			Summary of Invested Assets			15
			Credit Quality of Fixed Maturity Securities			15
			Watch List Securities			16
			Fixed Maturity Securities by Sector			17
			Mortgage Loans on Real Estate			18
D.			Shareholder Information			19
E.			Research Analyst Coverage			20

Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

			September 30, 2020						December 31, 2019
Assets
Investments:
Fixed maturity securities, available for sale, at fair value			$	51,700,743					$	51,580,490
Mortgage loans on real estate			3,926,699						3,448,793
Derivative instruments			874,741						1,355,989
Other investments			495,740						492,301
Total investments			56,997,923						56,877,573
Cash and cash equivalents			2,656,632						2,293,392
Coinsurance deposits			4,886,705						5,115,013
Accrued investment income			452,647						472,826
Deferred policy acquisition costs			2,163,003						2,923,454
Deferred sales inducements			1,426,945						1,966,723
Income taxes recoverable			34,773						—
Other assets			46,448						47,571
Total assets			$	68,665,076					$	69,696,552
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			$	60,109,669					$	61,893,945
Other policy funds and contract claims			242,159						256,105
Notes payable			495,528						495,116
Subordinated debentures			78,037						157,265
Deferred income taxes			512,428						177,897
Income taxes payable			—						429
Other liabilities			1,108,521						2,145,676
Total liabilities			62,546,342						65,126,433
Stockholders' equity:
Preferred stock, Series A			16						16
Preferred stock, Series B			12						—
Common stock			91,932						91,107
Additional paid-in capital			1,510,987						1,212,311
Accumulated other comprehensive income			2,112,111						1,497,921
Retained earnings			2,403,676						1,768,764
Total stockholders' equity			6,118,734						4,570,119
Total liabilities and stockholders' equity			$	68,665,076					$	69,696,552

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2020						2019						2020						2019
Revenues:
Premiums and other considerations			$	10,407					$	5,152					$	29,103					$	14,688
Annuity product charges			62,277						63,647						185,264						177,313
Net investment income			543,331						590,412						1,660,353						1,719,418
Change in fair value of derivatives			205,011						(20,042)						(409,201)						440,472
Net realized gains (losses) on investments			(22,321)						4,328						(68,545)						(67)
Other than temporary impairment (OTTI) losses on investments:
Total OTTI losses			—						(101)						—						(1,099)
Portion of OTTI losses recognized from other comprehensive income			—						—						—						(215)
Net OTTI losses recognized in operations			—						(101)						—						(1,314)
Loss on extinguishment of debt			—						—						(2,024)						—
Total revenues			798,705						643,396						1,394,950						2,350,510
Benefits and expenses:
Insurance policy benefits and change in future policy benefits			13,273						7,627						36,676						23,865
Interest sensitive and index product benefits			576,147						500,285						1,217,358						888,062
Amortization of deferred sales inducements			416,983						(55,769)						415,396						(2,675)
Change in fair value of embedded derivatives			(1,732,497)						212,278						(1,855,623)						1,306,163
Interest expense on notes payable			6,388						6,382						19,161						19,141
Interest expense on subordinated debentures			1,323						3,968						4,232						12,113
Amortization of deferred policy acquisition costs			622,596						(120,934)						623,409						(45,856)
Other operating costs and expenses			42,738						38,554						128,315						114,959
Total benefits and expenses			(53,049)						592,391						588,924						2,315,772
Income before income taxes			851,754						51,005						806,026						34,738
Income tax expense			184,554						13,645						143,308						8,798
Net income			667,200						37,360						662,718						25,940
Less: Preferred stock dividends			5,950						—						18,511						—
Net income available to common stockholders			$	661,250					$	37,360					$	644,207					$	25,940
Earnings per common share			$	7.20					$	0.41					$	7.02					$	0.28
Earnings per common share - assuming dilution			$	7.17					$	0.41					$	7.00					$	0.28
Weighted average common shares outstanding (in thousands):
Earnings per common share			91,861						91,252						91,770						91,081
Earnings per common share - assuming dilution			92,163						91,711						92,071						91,748

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

Quarterly Summary - Most Recent 5 Quarters

			Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
Revenues:
Traditional life insurance premiums			$	708					$	722					$	823					$	762					$	778
Life contingent immediate annuity considerations			9,699						10,310						6,841						8,084						4,374
Surrender charges			16,447						19,390						19,705						15,092						20,537
Lifetime income benefit rider fees			45,830						44,048						39,844						47,630						43,110
Net investment income			543,331						543,704						573,318						588,217						590,412
Change in fair value of derivatives			205,011						327,662						(941,874)						466,434						(20,042)
Net realized gains (losses) on investments			(22,321)						(25,888)						(20,336)						7,029						4,328
Net OTTI losses recognized in operations			—						—						—						(17,412)						(101)
Loss on extinguishment of debt			—						—						(2,024)						(2,001)						—
Total revenues			798,705						919,948						(323,703)						1,113,835						643,396
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits			655						702						621						835						758
Life contingent immediate annuity benefits and change in future policy benefits			12,618						12,629						9,451						10,718						6,869
Interest sensitive and index product benefits (a)			576,147						240,992						400,219						399,514						500,285
Amortization of deferred sales inducements (b)(d)			416,983						(75,178)						73,591						91,260						(55,769)
Change in fair value of embedded derivatives (c)(d)			(1,732,497)						1,126,935						(1,250,061)						147,879						212,278
Interest expense on notes payable			6,388						6,388						6,385						6,384						6,382
Interest expense on subordinated debentures			1,323						1,321						1,588						3,651						3,968
Amortization of deferred policy acquisition costs (b)(d)			622,596						(119,889)						120,702						133,573						(120,934)
Other operating costs and expenses			42,738						41,951						43,626						39,194						38,554
Total benefits and expenses			(53,049)						1,235,851						(593,878)						833,008						592,391
Income (loss) before income taxes			851,754						(315,903)						270,175						280,827						51,005
Income tax expense (benefit) (e)			184,554						(68,474)						27,228						60,677						13,645
Net income (loss) (a)(b)(c)(d)(e)			667,200						(247,429)						242,947						220,150						37,360
Less: Preferred stock dividends			5,950						5,950						6,611						—						—
Net income (loss) available to common stockholders (a)(b)(c)(d)(e)			$	661,250					$	(253,379)					$	236,336					$	220,150					$	37,360
Earnings (loss) per common share			$	7.20					$	(2.76)					$	2.58					$	2.41					$	0.41
Earnings (loss) per common share - assuming dilution (a)(b)(c)(d)(e)			$	7.17					$	(2.76)					$	2.57					$	2.40					$	0.41
Weighted average common shares outstanding (thousands):
Earnings (loss) per common share			91,861						91,803						91,644						91,314						91,252
Earnings (loss) per common share - assuming dilution			92,163						92,027						92,021						91,883						91,711

(a)Q3 2020 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and decreased both net income and net income available to common stockholders by $224.4 million and decreased earnings per common share - assuming dilution by $2.44 per share.

Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased both net income and net income available to common stockholders by $247.3 million and decreased earnings per common share - assuming dilution by $2.70 per share.

(b)Q3 2020 includes expense from the revision of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $391.4 million and $589.2 million, respectively, and decreased both net income and net income available to common stockholders by $769.8 million and decreased earnings per common share - assuming dilution by $8.35 per share.

Q3 2019 includes a benefit from the revision of assumptions which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $104.7 million and $193.0 million, respectively, and increased both net income and net income available to common stockholders by $233.4 million and increased earnings per common share - assuming dilution by $2.54 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

(c)Q3 2020 includes a benefit from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $2,111.1 million and increased both net income and net income available to common stockholders by $1,657.2 million and increased earnings per common share - assuming dilution by $17.98 per share.

Q3 2019 includes expense from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact increased change in fair value of embedded derivatives by $28.2 million and decreased both net income and net income available to common stockholders by $22.1 million and decreased earnings per common share - assuming dilution by $0.24 per share.

(d)Q2 2020 includes a benefit from the revision of assumptions used in determining the embedded derivative component of our fixed index annuity policy benefit reserves. The impact decreased change in fair value of embedded derivatives by $230.1 million, increased amortization of deferred sales inducements and deferred policy acquisition costs by $36.7 million and $57.6 million, respectively, and decreased both net loss and net loss available to common stockholders by $106.5 million and reduced loss per common share - assuming dilution by $1.16 per share.

(e)Q1 2020 includes a tax benefit related to the provision of the Coronavirus Aid, Relief, and Economic Security Act, (“the CARES ACT”)  which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased both net income and net income available to common stockholders by $30.8 million and increased earnings per common share - assuming dilution by $0.33 per share.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

In addition to net income available to common stockholders, we have consistently utilized non-GAAP operating income (loss) available to common stockholders and non-GAAP operating income (loss) available to common stockholders per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate our financial performance. Non-GAAP operating income (loss) available to common stockholders equals net income available to common stockholders adjusted to eliminate the impact of items that fluctuate from quarter to quarter in a manner unrelated to core operations, and we believe measures excluding their impact are useful in analyzing operating trends. The most significant adjustments to arrive at non-GAAP operating income (loss) available to common stockholders eliminate the impact of fair value accounting for our fixed index annuity business. These adjustments are not economic in nature but rather impact the timing of reported results. We believe the combined presentation and evaluation of non-GAAP operating income (loss) available to common stockholders together with net income available to common stockholders provides information that may enhance an investor’s understanding of our underlying results and profitability.

Reconciliation from Net Income Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2020						2019						2020						2019
Net income available to common stockholders			$	661,250					$	37,360					$	644,207					$	25,940
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized gains/losses on financial assets, including credit losses			15,145						(3,175)						49,986						(245)
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(1,176,909)						250,186						(873,773)						500,998
Change in fair value of derivatives - interest rate caps and swap			—						(76)						(848)						1,414
Income taxes			250,701						(50,940)						177,804						(105,759)
Non-GAAP operating income (loss) available to common stockholders			$	(249,813)					$	233,355					$	(2,624)					$	422,348
Per common share - assuming dilution:
Net income available to common stockholders			$	7.17					$	0.41					$	7.00					$	0.28
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of operating loss			0.01						—						—						—
Net realized gains/losses on financial assets, including credit losses			0.16						(0.04)						0.54						—
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(12.77)						2.73						(9.49)						5.46
Change in fair value of derivatives - interest rate caps and swap			—						—						(0.01)						0.01
Income taxes			2.71						(0.56)						1.93						(1.15)
Non-GAAP operating income (loss) available to common stockholders			$	(2.72)					$	2.54					$	(0.03)					$	4.60

(a)Adjustments to net income available to common stockholders to arrive at non-GAAP operating income (loss) available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC) where applicable.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Three Months Ended   September 30,												Nine Months Ended   September 30,
			2020						2019						2020						2019
Net realized gains/losses on financial assets, including credit losses:
Net realized gains/losses on financial assets, including credit losses			$	21,023					$	(4,227)					$	67,956					$	1,381
Amortization of DAC and DSI			(5,878)						1,052						(17,970)						(1,626)
Income taxes			(3,271)						3,151						(10,797)						2,518
			$	11,874					$	(24)					$	39,189					$	2,273
Change in fair value of derivatives and embedded derivatives:
Fixed index annuities			$	(1,935,585)					$	132,411					$	(1,432,030)					$	591,577
Interest rate caps and swap			—						(76)						(848)						1,414
Amortization of DAC and DSI			758,676						117,775						558,257						(90,579)
Income taxes			253,972						(54,091)						188,601						(108,277)
			$	(922,937)					$	196,019					$	(686,020)					$	394,135

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

NON-GAAP FINANCIAL MEASURES

Quarterly Summary - Most Recent 5 Quarters

Reconciliation from Net Income (Loss) Available to Common Stockholders to Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
Net income (loss) available to common stockholders			$	661,250					$	(253,379)					$	236,336					$	220,150					$	37,360
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders: (a)
Net realized gains/losses on financial assets, including credit losses			15,145						18,492						16,349						7,606						(3,175)
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(1,176,909)						423,590						(120,454)						(127,777)						250,186
Change in fair value of derivatives - interest rate caps and swap			—						—						(848)						(167)						(76)
Income taxes			250,701						(95,599)						22,702						26,023						(50,940)
Non-GAAP operating income (loss) available to common stockholders (b)(c)(d)			$	(249,813)					$	93,104					$	154,085					$	125,835					$	233,355
Per common share - assuming dilution:
Net income (loss) available to common stockholders			$	7.17					$	(2.76)					$	2.57					$	2.40					$	0.41
Adjustments to arrive at non-GAAP operating income (loss) available to common stockholders:
Anti-dilutive effect of net loss			—						0.01						—						—						—
Anti-dilutive effect of operating loss			0.01						—						—						—						—
Net realized gains/losses on financial assets, including credit losses			0.16						0.20						0.17						0.08						(0.04)
Change in fair value of derivatives and embedded derivatives - fixed index annuities			(12.77)						4.60						(1.31)						(1.39)						2.73
Change in fair value of derivatives - interest rate caps and swap			—						—						(0.01)						—						—
Income taxes			2.71						(1.04)						0.25						0.28						(0.56)
Non-GAAP operating income (loss) available to common stockholders (b)(c)(d)			$	(2.72)					$	1.01					$	1.67					$	1.37					$	2.54

(a)Adjustments to net income (loss) available to common stockholders to arrive at non-GAAP operating income (loss) available to common stockholders are presented net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs where applicable.

(a)Q3 2020 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index products by $285.8 million and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share - assuming dilution by $224.4 million and $2.44 per share, respectively.

Q3 2019 includes expense from the revision of assumptions used in determining reserves held for lifetime income benefit riders. The impact increased interest sensitive and index product benefits by $315.4 million and decreased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $247.3 million and $2.70 per share, respectively.

(b)Q3 2020 includes expense from the revision of assumptions which increased amortization of deferred sales inducements and deferred policy acquisition costs by $57.5 million and $91.0 million, respectively, and increased non-GAAP operating loss available to common stockholders and non-GAAP operating loss available to common stockholders per common share- assuming dilution by $116.5 million and $1.26 per share, respectively.

Q3 2019 includes a benefit from the revision of assumptions which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $184.9 million and $288.3 million, respectively, and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share- assuming dilution by $371.0 million and $4.05 per share, respectively.

(c)Q1 2020 includes a tax benefit related to the provision of the CARES ACT which was signed into legislation on March 27, 2020 and allows net operating losses for 2018 through 2020 to be carried back to previous tax years in which a 35% statutory tax rate was in effect. The impact reduced income tax expense and increased non-GAAP operating income available to common stockholders and non-GAAP operating income available to common stockholders per common share - assuming dilution by $30.8 million and $0.33 per share, respectively.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

NON-GAAP FINANCIAL MEASURES

Summary of Adjustments to Arrive at Non-GAAP Operating Income (Loss) Available to Common Stockholders

			Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
Net realized (gains) losses on investments			$	22,321					$	25,888					$	20,336					$	(7,029)					$	(4,328)
Net OTTI losses recognized in operations			—						—						—						17,412						101
Change in fair value of derivatives			(203,088)						(413,489)						1,039,322						(370,973)						(79,943)
Increase (decrease) in total revenues			(180,767)						(387,601)						1,059,658						(360,590)						(84,170)
Amortization of deferred sales inducements			(303,710)						115,511						(29,683)						(37,374)						(57,408)
Change in fair value of embedded derivatives			1,732,497						(1,126,935)						1,250,061						(147,879)						(212,278)
Interest sensitive and index product benefits (a)			1,298						612						(1,321)						—						—
Amortization of deferred policy acquisition costs			(449,088)						181,129						(54,446)						(54,999)						(61,419)
Increase (decrease) in total benefits and expenses			980,997						(829,683)						1,164,611						(240,252)						(331,105)
Increase in income (loss) before income taxes			(1,161,764)						442,082						(104,953)						(120,338)						246,935
Increase (decrease) in income tax expense (benefit)			(250,701)						95,599						(22,702)						(26,023)						50,940
Increase (decrease) in net income (loss) available to common stockholders			$	(911,063)					$	346,483					$	(82,251)					$	(94,315)					$	195,995

(a)Interest sensitive and index product benefits adjustment reflects the change in the allowance for credit losses on our reinsurance recoverable/coinsurance deposits under a revised impairment model for financial assets measured at amortized cost which we were required to adopt on January 1, 2020. The change in this allowance is reflected in the net realized gains/losses of financial assets, including credit losses line in the other Non-GAAP financial measures tables in this financial supplement.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except share and per share data)

Capitalization/Book Value per Common Share

			Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
Capitalization:
Notes payable			$	500,000					$	500,000					$	500,000					$	500,000					$	500,000
Subordinated debentures payable to subsidiary trusts			78,037						77,964						77,893						159,272						247,362
Total debt			578,037						577,964						577,893						659,272						747,362
Total stockholders’ equity			6,118,734						5,062,059						3,522,757						4,570,119						4,126,716
Total capitalization			6,696,771						5,640,023						4,100,650						5,229,391						4,874,078
Accumulated other comprehensive income (AOCI)			(2,112,111)						(1,719,839)						(219,974)						(1,497,921)						(1,639,429)
Total capitalization excluding AOCI (a)			$	4,584,660					$	3,920,184					$	3,880,676					$	3,731,470					$	3,234,649
Total stockholders’ equity			$	6,118,734					$	5,062,059					$	3,522,757					$	4,570,119					$	4,126,716
Equity available to preferred stockholders (b)			(700,000)						(700,000)						(400,000)						(400,000)						—
Total common stockholders' equity (c)			5,418,734						4,362,059						3,122,757						4,170,119						4,126,716
Accumulated other comprehensive income			(2,112,111)						(1,719,839)						(219,974)						(1,497,921)						(1,639,429)
Total common stockholders’ equity excluding AOCI (c)			3,306,623						2,642,220						2,902,783						2,672,198						2,487,287
Net impact of fair value accounting for derivatives and embedded derivatives			(237,099)						685,839						353,853						448,924						549,202
Total common stockholders’ equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	3,069,524					$	3,328,059					$	3,256,636					$	3,121,122					$	3,036,489
Common shares outstanding			91,931,837						91,595,066						91,497,841						91,107,555						91,006,950
Book Value per Common Share: (d)
Book value per common share (c)			$	58.94					$	47.62					$	34.13					$	45.77					$	45.35
Book value per common share excluding AOCI (c)			$	35.97					$	28.85					$	31.73					$	29.33					$	27.33
Book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives (c)			$	33.39					$	36.33					$	35.59					$	34.26					$	33.37
Debt-to-Capital Ratios: (e)
Senior debt / Total capitalization			10.9		%				12.8		%				12.9		%				13.4		%				15.5		%
Total debt / Total capitalization			12.6		%				14.7		%				14.9		%				17.7		%				23.1		%

(a)Total capitalization excluding AOCI, a non-GAAP financial measure, is based on stockholders' equity excluding the effect of AOCI.

(b)Equity available to preferred stockholders is equal to the redemption value of outstanding preferred stock plus share dividends declared but not yet issued.

(c)Total common stockholders' equity, total common stockholder's equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, exclude equity available to preferred stockholders. Total common stockholders’ equity and book value per common share excluding AOCI, non-GAAP financial measures, are based on common stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale securities, we believe these non-GAAP financial measures provide useful supplemental information. Total common stockholders' equity and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives, non-GAAP financial measures, are based on common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives. Since the net impact of fair value accounting for our derivatives and embedded derivatives fluctuates from quarter to quarter and the most significant impacts relate to fair value accounting for our fixed index annuity business and are not economic in nature but rather impact the timing of reported results, we believe these non-GAAP financial measures provide useful supplemental information.

(d)Book value per common share including and excluding AOCI and book value per common share excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives are calculated as total common stockholders’ equity, total common stockholders’ equity excluding AOCI and total common stockholders' equity excluding AOCI and the net impact of fair value accounting for derivatives and embedded derivatives divided by the total number of shares of common stock outstanding.

(e)Debt-to-capital ratios are computed using total capitalization excluding AOCI.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Spread Results

Nine Months Ended   September 30,
2020						2019						Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
4.20%						4.53%			Average yield on invested assets			4.10%						4.12%						4.36%						4.52%						4.59%
1.71%						1.87%			Aggregate cost of money			1.66%						1.73%						1.72%						1.75%						1.84%
2.49%						2.66%			Aggregate investment spread			2.44%						2.39%						2.64%						2.77%						2.75%
									Impact of:
0.06%						0.06%			Investment yield - additional prepayment income			0.10%						0.03%						0.06%						0.12%						0.11%
0.03%						0.04%			Cost of money effect of over (under) hedging			0.03%						(0.01)%						0.05%						0.05%						0.02%
$52,849,751						$50,716,178			Weighted average investments			$53,024,798						$52,901,215						$52,623,239						$52,141,459						$51,529,850

Weighted average investments include fixed maturity securities at amortized cost and mortgage loans on real estate and other investments at carrying values as reflected in the consolidated balance sheets. The numerator for average yield on invested assets includes net investment income and the tax effect of investment income that is exempt from income taxes.

Summary of Cost of Money for Deferred Annuities

Nine Months Ended   September 30,
2020						2019						Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
									Included in interest sensitive and index product benefits:
$	551,562					$	310,020		Index credits			$	174,747					$	97,875					$	278,940					$	277,798					$	92,343
142,917						147,425			Interest credited			47,376						46,594						48,947						49,482						49,511
									Included in change in fair value of derivatives:
(560,683)						(320,381)			Proceeds received at option expiration			(178,405)						(97,015)						(285,263)						(284,624)						(95,491)
546,352						592,857			Pro rata amortization of option cost			176,481						182,841						187,030						188,984						195,354
$	680,148					$	729,921		Cost of money for deferred annuities			$	220,199					$	230,295					$	229,654					$	231,640					$	241,717
$	53,182,845					$	52,007,003		Weighted average liability balance outstanding			$	53,059,376					$	53,214,255					$	53,274,905					$	53,092,419					$	52,682,886

Annuity Account Balance Rollforward

Nine Months Ended   September 30,
2020						2019						Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
$	53,233,898					$	51,053,450		Account balances at beginning of period			$	53,112,600					$	53,315,909					$	53,233,898					$	52,950,937					$	52,414,835
1,782,453						3,822,410			Net deposits			557,675						543,026						681,752						838,761						1,216,720
68,467						140,959			Premium bonuses			21,205						22,710						24,552						36,983						46,968
694,479						457,445			Fixed interest credited and index credits			222,123						144,469						327,887						327,280						141,854
(55,542)						(56,473)			Surrender charges			(16,447)						(19,390)						(19,705)						(15,092)						(20,537)
(129,722)						(120,840)			Lifetime income benefit rider fees			(45,830)						(44,048)						(39,844)						(47,630)						(43,110)
(2,587,883)						(2,346,014)			Surrenders, withdrawals, deaths, etc.			(845,176)						(850,076)						(892,631)						(857,341)						(805,793)
$	53,006,150					$	52,950,937		Account balances at end of period			$	53,006,150					$	53,112,600					$	53,315,909					$	53,233,898					$	52,950,937

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Deposits by Product Type

Nine Months Ended   September 30,
2020						2019						Q3 2020						Q2 2020						Q1 2020						Q4 2019						Q3 2019
									American Equity Life:
$	1,491,564					$	3,293,458		Fixed index annuities			$	432,602					$	472,899					$	586,063					$	765,180					$	1,054,796
6,464						9,402			Annual reset fixed rate annuities			1,817						2,316						2,331						1,843						2,340
983						1,307			Multi-year fixed rate annuities			531						83						369						306						593
25,687						7,129			Single premium immediate annuities			10,205						10,084						5,398						4,873						3,314
1,524,698						3,311,296						445,155						485,382						594,161						772,202						1,061,043
									Eagle Life:
239,349						579,119			Fixed index annuities			60,476						72,371						106,502						67,784						166,081
97						193			Annual reset fixed rate annuities			39						17						41						6						—
73,386						151,572			Multi-year fixed rate annuities			68,206						1,031						4,149						81,041						79,000
312,832						730,884						128,721						73,419						110,692						148,831						245,081
									Consolidated:
1,730,913						3,872,577			Fixed index annuities			493,078						545,270						692,565						832,964						1,220,877
6,561						9,595			Annual reset fixed rate annuities			1,856						2,333						2,372						1,849						2,340
74,369						152,879			Multi-year fixed rate annuities			68,737						1,114						4,518						81,347						79,593
25,687						7,129			Single premium immediate annuities			10,205						10,084						5,398						4,873						3,314
1,837,530						4,042,180			Total before coinsurance ceded			573,876						558,801						704,853						921,033						1,306,124
29,390						212,641			Coinsurance ceded			5,996						5,691						17,703						77,399						86,090
$	1,808,140					$	3,829,539		Net after coinsurance ceded			$	567,880					$	553,110					$	687,150					$	843,634					$	1,220,034

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Net (of Coinsurance) Account Values at September 30, 2020:

						Surrender Charge																		Net Account Value
Product Type						Avg. Years At Issue						Avg. Years Remaining						Avg. % Remaining						Dollars in Thousands						%
Fixed Index Annuities						12.8						6.5						10.4%						$	50,958,583					96.1		%
Annual Reset Fixed Rate Annuities						9.3						3.0						5.6%						1,407,450						2.7		%
Multi-Year Fixed Rate Annuities						6.3						1.6						4.9%						640,117						1.2		%
Total						12.6						6.3						10.2%						$	53,006,150					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Surrender Charge Percentages:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No surrender charge			$	825,721					$	2,846,232
0.0% < 2.0%			16,822						275,001
2.0% < 3.0%			31,469						1,545,053
3.0% < 4.0%			59,817						1,957,048
4.0% < 5.0%			64,727						1,805,901
5.0% < 6.0%			266,924						3,077,161
6.0% < 7.0%			52,592						1,435,413
7.0% < 8.0%			88,886						5,094,333
8.0% < 9.0%			52,049						3,819,840
9.0% < 10.0%			126,967						3,747,742
10.0% or greater			461,593						25,354,859
			$	2,047,567					$	50,958,583

Surrender Charge Expiration By Year:			Fixed and Fixed Index Annuities Account Value						Weighted Average Surrender Charge
Out of Surrender Charge			$	3,671,953					0.00		%
2020			260,408						2.64		%
2021			1,189,431						3.32		%
2022			1,684,517						4.22		%
2023			4,107,017						5.02		%
2024			5,043,124						6.58		%
2025			6,007,714						8.08		%
2026			5,177,748						9.75		%
2027			4,428,208						11.38		%
2028			4,690,673						12.28		%
2029			5,973,173						13.60		%
2030			3,513,420						15.54		%
2031			2,944,267						17.59		%
2032			2,010,489						18.17		%
2033			1,158,686						18.58		%
2034			712,963						19.05		%
2035			317,288						19.58		%
2036			115,071						20.00		%
			$	53,006,150					10.19		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

Credited Rate vs. Ultimate Minimum Guaranteed Rate Differential:			Fixed Annuities Account Value						Fixed Index Annuities Account Value
No differential			$	959,589					$	1,261,845
› 0.0% - 0.25%			48,555						147,586
› 0.25% - 0.5%			236,229						3,353
› 0.5% - 1.0%			23,109						9,729
› 1.0% - 1.5%			11,476						—
1.00% ultimate guarantee - 1.99% wtd avg interest rate (a)			502,678						891,202
1.50% ultimate guarantee - 1.11% wtd avg interest rate (a)			141,632						3,261,157
1.75% ultimate guarantee - 1.71% wtd avg interest rate (a)			49,229						535,629
2.00% ultimate guarantee - 1.85% wtd avg interest rate (a)			75,070						—
2.25% ultimate guarantee - 1.69% wtd avg interest rate (a)			—						730,120
3.00% ultimate guarantee - 1.98% wtd avg interest rate (a)			—						1,435,179
Allocated to index strategies (see tables that follow)			—						42,682,783
			$	2,047,567					$	50,958,583

(a)The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy ranges from 0.5% - 1.75%. The ultimate guaranteed rate is applied on less than 100% of the premium.

If all crediting rates were reduced to minimum guaranteed rates (subject to limitations imposed by ultimate minimum guaranteed rates where applicable) the weighted average crediting rate as of September 30, 2020 for fixed annuities and funds allocated to the fixed rate strategy for fixed index annuities would decrease by 0.13%.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Annuity Liability Characteristics

FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES

Annual Monthly Average and Point-to-Point with Caps
			Minimum Guaranteed Cap
			1%						3%						4%						7%						8% +
Current Cap
At minimum			$	1,346					$	102,171					$	4,992,952					$	62,425					$	142,594
1.75% - 3%			8,636,011						—						—						—						—
3% - 4%			265,296						3,638						—						—						—
4% - 5%			1,013,946						217,323						1,238,010						—						—
5% - 6%			510,330						182,458						28,498						—						—
6% - 7%			—						—						444						—						—
>= 7%			10,580						6,771						716						5,402						—

Annual Monthly Average and Point-to-Point with Participation Rates
			Minimum Guaranteed Participation Rate
			10%												20% - 25%						35%						50% +
Current Participation Rate
At minimum			$	94,543											$	396,064					$	89,508					$	96,074
< 20%			918,295												—						—						—
20% - 40%			1,742,696												177,087						838						—
40% - 60%			2,697,494												89,741						55,280						—
60% - 100%			649,591												—						—						—
> 100%			494,672												—						—						—

S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0%
Current Cap
At minimum			$	2,083,877
1.10% - 1.30%			6,752,359
1.40% - 1.60%			1,882,049
1.70% - 2.00%			279,564
>= 2.10%			4,773

Volatility Control Index
Current Asset Fee
At Maximum			$	—
0.75% - 1.75%			352,651
2.25% - 2.75%			205,570
3.00% - 3.50%			1,745,345
3.75% - 5.00%			2,970,283

If all caps and participation rates were reduced to minimum caps and participation rates and current asset fees were increased to their maximums, the cost of options would decrease by 0.75% based upon prices of options for the week ended September 30, 2020.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Summary of Invested Assets

			September 30, 2020												December 31, 2019
			Carrying Amount						Percent						Carrying Amount						Percent
Fixed maturity securities:
United States Government full faith and credit			$	38,739					0.1		%				$	161,765					0.3		%
United States Government sponsored agencies			1,074,978						1.9		%				625,020						1.1		%
United States municipalities, states and territories			3,805,086						6.7		%				4,527,671						7.9		%
Foreign government obligations			209,233						0.4		%				205,096						0.3		%
Corporate securities			33,457,290						58.7		%				32,536,839						57.2		%
Residential mortgage backed securities			1,623,073						2.8		%				1,575,664						2.8		%
Commercial mortgage backed securities			5,478,783						9.6		%				5,786,279						10.2		%
Other asset backed securities			6,013,561						10.5		%				6,162,156						10.8		%
Total fixed maturity securities			51,700,743						90.7		%				51,580,490						90.6		%
Mortgage loans on real estate			3,926,699						6.9		%				3,448,793						6.1		%
Derivative instruments			874,741						1.5		%				1,355,989						2.4		%
Other investments			495,740						0.9		%				492,301						0.9		%
			$	56,997,923					100.0		%				$	56,877,573					100.0		%

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands, except per share data)

Credit Quality of Fixed Maturity Securities - September 30, 2020

NAIC Designation						Carrying Amount						Percent						Rating Agency Rating						Carrying Amount						Percent
1						$	28,981,733					56.1		%				Aaa/Aa/A						$	29,855,053					57.8		%
2						20,682,645						40.0		%				Baa						19,893,094						38.5		%
3						1,684,689						3.3		%				Ba						1,573,650						3.0		%
4						248,133						0.5		%				B						224,170						0.4		%
5						80,048						0.1		%				Caa						65,386						0.1		%
6						23,495						—		%				Ca and lower						89,390						0.2		%
						$	51,700,743					100.0		%										$	51,700,743					100.0		%

Watch List Securities - September 30, 2020

General Description (a)						Amortized Cost						Allowance for Credit Losses						Amortized Cost, Net of Allowance						Net Unrealized Losses, Net of Allowance						Fair Value
Corporate securities - Public securities						$	202,148					$	(51,430)					$	150,718					$	(23,736)					$	126,982
Corporate securities - Private placement securities						350,537						(1,615)						348,922						(22,957)						325,965
Residential mortgage backed securities						59,491						(1,221)						58,270						(501)						57,769
Commercial mortgage backed securities						250,545						(7,353)						243,192						(47,711)						195,481
Other asset backed securities						69,738						—						69,738						(8,780)						60,958
Collateralized loan obligations						74,805						—						74,805						(14,081)						60,724
						$	1,007,264					$	(61,619)					$	945,645					$	(117,766)					$	827,879

(a)The watch list consists of all fixed maturity securities we have determined contain elevated credit risk, including those we have taken credit losses on.

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Fixed Maturity Securities by Sector

			September 30, 2020												December 31, 2019
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale:
United States Government full faith and credit and sponsored agencies			$	1,060,685					$	1,113,717					$	763,164					$	786,785
United States municipalities, states and territories			3,265,276						3,805,086						4,147,343						4,527,671
Foreign government obligations			187,036						209,233						186,993						205,096
Corporate securities:
Capital goods			2,488,172						2,878,641						2,550,750						2,794,986
Consumer discretionary			6,091,509						7,064,666						6,082,974						6,658,120
Energy			2,654,458						2,774,360						2,499,030						2,677,646
Financials			6,543,633						7,381,859						6,737,325						7,323,150
Government non-guaranteed			539,175						626,339						539,639						606,308
Industrials			276,391						318,454						311,269						336,537
Information technology			1,741,574						2,043,842						1,868,131						2,051,175
Materials			1,719,670						1,959,090						1,818,048						1,961,033
Other			339,301						399,050						439,171						469,344
Telecommunications			1,488,146						1,728,726						1,510,836						1,664,350
Transportation			1,564,354						1,680,426						1,486,540						1,603,997
Utilities			3,920,669						4,601,837						3,978,459						4,390,193
Residential mortgage backed securities:
Government agency			571,424						656,909						591,100						646,787
Prime			847,250						867,660						793,357						815,916
Alt-A			84,538						98,504						93,281						112,961
Commercial mortgage backed securities:
Government agency			400,366						458,466						414,626						437,420
Non-agency			5,098,391						5,020,317						5,176,541						5,348,859
Other asset backed securities:
Auto			338,688						345,538						403,860						411,371
Energy			7,312						9,104						7,495						8,603
Financials			4,441						4,205						4,967						5,493
Industrials			142,356						139,366						167,466						171,273
Collateralized loan obligations			4,771,492						4,437,907						4,787,402						4,612,694
Military housing			466,333						549,996						471,621						539,029
Other			519,975						527,445						407,558						413,693
			$	47,132,615					$	51,700,743					$	48,238,946					$	51,580,490

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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Unaudited (Dollars in thousands)

Mortgage Loans on Real Estate

			September 30, 2020												December 31, 2019
			Principal						Percent						Principal						Percent
Geographic distribution: commercial mortgage loans
East			$	701,945					18.6		%				$	645,991					18.7		%
Middle Atlantic			284,211						7.5		%				284,597						8.2		%
Mountain			447,623						11.8		%				389,892						11.3		%
New England			24,921						0.6		%				9,152						0.3		%
Pacific			788,267						20.9		%				655,518						19.0		%
South Atlantic			781,906						20.7		%				751,199						21.7		%
West North Central			297,526						7.9		%				302,534						8.7		%
West South Central			451,918						12.0		%				420,031						12.1		%
			$	3,778,317					100.0		%				$	3,458,914					100.0		%
Property type distribution: commercial mortgage loans
Office			$	250,523					6.6		%				$	250,287					7.3		%
Medical Office			21,022						0.6		%				29,990						0.9		%
Retail			1,199,877						31.8		%				1,225,670						35.4		%
Industrial/Warehouse			959,819						25.4		%				896,558						25.9		%
Apartment			941,858						24.9		%				858,679						24.8		%
Agricultural			208,303						5.5		%				51,303						1.5		%
Mixed use/Other			196,915						5.2		%				146,427						4.2		%
			$	3,778,317					100.0		%				$	3,458,914					100.0		%
			September 30, 2020																		December 31, 2019
			Commercial						Residential						Total						Total
Credit exposure - by payment activity
Performing			$	3,778,317					$	171,163					$	3,949,480					$	3,458,914
In workout			—						—						—						—
Delinquent			—						771						771						—
Collateral dependent			—						—						—						—
Principal outstanding			3,778,317						171,934						3,950,251						3,458,914
Unamortized discount			—						(2,838)						(2,838)
Deferred fees and costs, net			(1,827)						392						(1,435)						(942)
Amortized cost			3,776,490						169,488						3,945,978						3,457,972
Valuation allowance			(17,429)						(1,850)						(19,279)						(9,179)
Carrying value			$	3,759,061					$	167,638					$	3,926,699					$	3,448,793

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Shareholder Information

Corporate Offices:

American Equity Investment Life Holding Company

6000 Westown Parkway

West Des Moines, IA 50266

Inquiries:

Steven Schwartz, Vice President-Investor Relations

(515) 273-3763, sschwartz@american-equity.com

Common Stock and Dividend Information:

New York Stock Exchange symbol: “AEL”

			High						Low						Close						Dividend Declared
2020
First Quarter			$34.16						$9.07						$18.80						$0.00
Second Quarter			$27.09						$14.76						$24.71						$0.00
Third Quarter			$27.32						$19.06						$21.99						$0.00
2019
First Quarter			$33.57						$26.34						$27.02						$0.00
Second Quarter			$30.91						$25.84						$27.16						$0.00
Third Quarter			$27.80						$20.16						$24.20						$0.00
Fourth Quarter			$30.96						$21.75						$29.93						$0.30
2018
First Quarter			$35.79						$28.90						$29.36						$0.00
Second Quarter			$37.16						$27.06						$36.00						$0.00
Third Quarter			$38.57						$34.51						$35.36						$0.00
Fourth Quarter			$36.39						$25.27						$27.94						$0.28

Transfer Agent:

Computershare Trust Company, N.A.

P.O. Box 43010

Providence, RI 02940-0310

Phone: (877) 282-1169

Fax: (781) 575-2723

www.computershare.com

Annual Report and Other Information:

Shareholders may receive when available, without charge, a copy of American Equity’s Annual Report, SEC filings and/or press releases by calling Steven Schwartz, Vice President-Investor Relations, at (515) 273-3763 or by visiting our website at www.american-equity.com.

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Table of Contents

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

Financial Supplement - September 30, 2020

Research Analyst Coverage

Erik Bass

Autonomous Research US LP

(646) 561-6248

ebass@autonomous.com

Randy Binner

B. Riley FBR, Inc.

(703) 312-1890

rbinner@fbr.com

Daniel Bergman

Citi Research

(212) 816-2132

daniel.bergman@citi.com

Thomas Gallagher

Evercore ISI

(212) 446-9439

thomas.gallagher@evercoreisi.com

Pablo Singzon II

JP Morgan

(212) 622-2295

pablo.s.singzon@jpmorgan.com

Ryan Krueger

Keefe, Bruyette & Woods

(860) 722-5930

rkrueger@kbw.com

Bob Huang

Morgan Stanley Research

(212) 761-6136

Bob.Huang@morganstanley.com

John Barnidge

Piper Sandler & Co.

(312) 281-3412

John.Barnidge@psc.com

C. Gregory Peters

Raymond James & Associates, Inc.

(727) 567-1534

greg.peters@raymondjames.com

Mark A. Dwelle

RBC Capital Markets, LLC

(804) 782-4008

mark.dwelle@rbccm.com

Mark Hughes

SunTrust Robinson Humphrey

(615) 748-4422

mark.hughes@suntrust.com

Page 20